by Jim Magary | Jan 20, 2015 | Tax Help
Reasons to E-file
Are you still using the old school method of doing your taxes?
Do you still mail paper forms to the IRS?
Make this the year you switch to a much faster and safer way of filing your taxes.
Join the nearly 126 million taxpayers who used IRS e-file to file their taxes last year.
Five reasons why you should file electronically too:
1. Accurate and easy.
IRS e-file is the best way to file an accurate tax return. The tax software that you use to e-file helps avoid mistakes by doing the math for you. It guides you every step of the way as you do your taxes. IRS e-file can also help with the new health care law tax provisions. The bottom line is that e-file is much easier than doing your taxes by hand and mailing paper tax forms.
2. Convenient options.
You can buy commercial tax software to e-file or ask your tax preparer to e-file your tax return. You can also e-file through IRS Free File, the free tax preparation and e-file program available only on IRS.gov. You may qualify to have your taxes filed through the IRS Volunteer Income Tax Assistance or Tax Counseling for the Elderly programs.
In general, VITA offers free tax preparation and e-file if you earned $53,000 or less. TCE offers help primarily to people who are age 60 or older.
3. Safe and secure.
IRS e-file meets strict security guidelines. It uses secure encryption technology to protect your tax return.
The IRS has safely and securely processed more than 1.3 billion e-filed tax returns from individuals since the program began.
4. Faster refunds.
In most cases you get your refund faster when you e-file. That’s because there is nothing to mail and your return is virtually free of mistakes. The fastest way to get your refund is to combine e-file with direct deposit into your bank account.
The IRS issues most refunds in less than 21 days.
5. Payment flexibility.
If you owe taxes, you can e-file early and set up an automatic payment on any day until the April 15 due date. You can pay electronically from your bank account.
You can also pay by check, money order, debit or credit card. Visit IRS.gov/payments for more information.
by Jim Magary | Jan 20, 2015 | Tax Help
We are a full service tax firm with an expertise in immediate IRS tax relief.
Within 24 hours of receiving your current financial statement as a general rule we can get your IRS levy released in your case closed.
We’ve been practicing since 1982 and are A+ rated by the Better Business Bureau.
We have over 206 years of professional tax of experience and are composed of tax attorneys, tax lawyers, CPAs, and former IRS agents.
Our former IRS agents have over 60 years of direct work experience.
Our former IRS agents have worked in the local, district, and regional tax offices of the local Internal Revenue Service. We have taught IRS tax law and some on our staff when employed by Internal Revenue Service wrote the section 5 the IRS collection manual.
We are a full service tax firm that can get you immediate and permanent IRS relief.
When we receive your current documented financial statement and we will call Internal Revenue Service and provide you with an IRS release or removal and an IRS tax Levy, Bank Levy or wage garnishment levy.
We will speak to you about settling your back debt through tax debt the offer in compromise program.
The offer in compromise program is the IRS tax settlement program for settling your tax debt for pennies on a dollar.
You must be a qualified candidate to settle your back tax debt.
Call us today for a free initial tax consultation.
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by Jim Magary | Jan 19, 2015 | Tax Help
If you owe back taxes to the Internal Revenue Service you’re not alone.
There are two types of IRS payment plans and IRS installment plans/agreements.
The dollar amount you owe the IRS will determine which option you take.
Before you enter into a IRS payment plan with the Internal Revenue Service you should ask a tax professional which is the best option.
To make sure you’re not overpaying, you should consider tax representation. It will probably save you money in the long run.
Besides consulting the tax professional, you should also find out if you are a qualified candidate for the offer in compromise or tax debt settlement program all at the same time.
If you call our office today we will review your IRS options for IRS payment plan or installment plan.
Call us today for a free initial tax consultation.
Having worked for the Internal Revenue Service for over 60 years will give us a unique edge on all our competition because we understand the programming, the system and the formatting for IRS payment installment agreements.
Depends on how much you owe
Approximately 6 million taxpayers made IRS installment or payment plan agreements for this last year alone.
the agreement that you make with Internal Revenue Service will all depend on how much you owe in back taxes. There are generally two types of IRS payment plans or installment agreements.
Two types = Those for taxpayers owing over $50,000 and those people throwing under $50,000 people for those taxpayers owing over $50,000
As soon as you know you are going to owe back taxes you should contact us so we can review all your tax options and let you know the details about setting up an IRS installment plan repayment plan.
Here’s a quick review on the different type of installment agreements and payment plans.
- Individual Installment Agreement
This payment plan applies to individuals who owe $50,000 or less in income tax, interest, and penalties.
Remember this is combined. IRS looks at your total pay off amount not your tax alone.
With an installment agreement, you can make regular monthly payments over time. Payments can be made through Direct Debit (from your bank account), check or money order, credit card, EFTPS , payroll deduction , or an Online Payment Agreement .
When you set up an installment agreement, make sure you will be able to make the monthly payments without defaulting. the reason it is very important to contact a tax professional is to make sure you can pay your back tax and not do so just because of fear of the Internal Revenue Service.
Many people cannot pay back tax he should find out about the IRS program called currently not collectible. If your income at exceeds your expenses based on the national averages IRS has the option to put your case into current hardship are currently not collectible. We review each account to find out which is the best option for the taxpayer or the business.
One simple phone telephone call to us today, believe it or not can end your problem because of our 60 years of direct working knowledge of the Internal Revenue Service
- Installment Agreement for Individuals
Who Owe Over $50,000
Individuals who fall into this category must submit Form 9465 as well as Form 433-F (Collection Information Statement).
Form 433F is used by ASC for obtaining your documented current financial information, in order to figure out how you can pay the overdue tax balance.
if your case is in the local office with a revenue officer they will insist on a verified form 433A.
You can find both 433 f and 433a on our website.
Both financial statement must include your last three months bank statements, a copy of your last paystub and a copy of all monthly expenses.
You want to make sure they’re absolutely no inconsistencies within them.
As a former IRS agent when you call our office will careful we review your financial statement for any inconsistencies. I urge cautions for all taxpayers giving IRS financial statements
3. Small Business Installment Agreement
Businesses that owe IRS back taxes of $25,000 or less in back taxes may request an “In-Business Trust Fund Express” installment agreement.
This type of payment plan usually doesn’t require a financial statement, although the business must currently have employees.
An IBTF-Express IA provides a 24-month period to fully pay the outstanding tax debt.
If the amount owed is greater than $10,000 (and below $25,000), the business must set up a Direct Debit installment agreement.
Costs for Installment or Payment Plans
Note that it costs $120 to set up a standard agreement or payroll deduction agreement, and $52 to set up a Direct Debit agreement.
If your income is below a certain level, the fee for setting up an installment agreement is $42.
To request this reduced fee, submit Form 13844 (Application for Reduced User Fee for Installment Agreements).
Call us today for a free initial tax consultation in hear the truth about dealing with IRS.
When speaking to us we will review with you the offer in compromise program to see if you’re eligible to settle your debt for pennies on the dollar.
The IRS Settlement Program
An offer in compromise allows you to settle your tax debt for less than the full amount you owe. It may be a legitimate option if you can’t pay your full tax liability, or doing so creates a financial hardship.
IRS considers your unique set of facts and circumstances: including your,
• Ability to pay;
• Total Income;
• All Expenses; and
• Asset equity including IRA and pensions.
IRS generally approve an offer in compromise when the amount offered represents the most we can expect to collect within a reasonable period of time.
Make sure you are eligible for the settlement program
Before IRS can consider your offer settlement, you must be current with all filing and payment requirements.
IRS will conduct a full compliance check of all filings and making sure you have current withholding or estimate payments made in the year you are sending in the program settlement.
You are not eligible if you are in an open bankruptcy proceeding.
Step instructions and all the forms for submitting an offer in the Offer in Compromise Booklet, Form 656-B (PDF).
Your completed offer program package will include:
• Form 433-A (OIC) (individuals) or 433-B (OIC) (businesses) and all required documentation as specified on the forms;
• Form 656(s) – individual and business tax debt (Corporation/ LLC/ Partnership) must be submitted on separate Form 656;
• $186 application fee (non-refundable); and
• Initial payment (non-refundable) for each Form 656.
Select a IRS payment option
Your initial payment will vary based on your offer and the payment option you choose:
• Lump Sum Cash: Submit an initial payment of 20 percent of the total offer amount with your application. Wait for written acceptance, then pay the remaining balance of the offer in five or fewer payments.
• Periodic Payment: Submit your initial payment with your application. Continue to pay the remaining balance in monthly installments while the IRS considers your offer. If accepted, continue to pay monthly until it is paid in full.
Call us today for a free initial tax consultation and speak to a true IRS tax professional.
Do You Owe Back Taxes to the IRS – Payment Plans, Installment Plans, Settlement Programs = You have Options, Former IRS Agents, Fresh Start Tax LLC
by Jim Magary | Jan 19, 2015 | Tax Help
The Internal Revenue Service announces the opening of the International Data Exchange Service (IDES) for enrollment.
Financial institutions and host country tax authorities will use IDES to securely send their information reports on financial accounts held by U.S. persons to the IRS under the Foreign Account Tax Compliance Act (FATCA) or pursuant to the terms of an intergovernmental agreement (IGA), as applicable.
More than 145,000 financial institutions have registered through the IRS FATCA Registration System.
The U.S. has more than 110 IGAs, either signed or agreed in substance. Financial institutions and host country tax authorities will use IDES to provide the IRS information reports on financial accounts held by U.S. persons.
“The opening of the International Data Exchange Service is a milestone in the implementation of FATCA,” said IRS Commissioner John Koskinen. “With it, comes the start of a secure system of automated, standardized information exchanges among government tax authorities.
This will enhance our ability to detect hidden accounts and help ensure fairness in the tax system.”
Where a jurisdiction has a reciprocal IGA and the jurisdiction has the necessary safeguards and infrastructure in place, the IRS will also use IDES to provide similar information to the host country tax authority on accounts in U.S. financial institutions held by the jurisdiction’s residents.
Using IDES, a web application, the sender encrypts the data and IDES encrypts the transmission pathway to protect data transfers. Encryption at both the file and transmission level safeguards sensitive tax information.
Host country tax authorities in Model 2 IGA jurisdictions and financial institutions are encouraged to begin the enrollment process well in advance of their reporting deadline. To begin transmitting information in IDES, a financial institution or tax authority will need to first obtain a digital certificate. Digital certificates bind digital information to physical identities and provide data integrity.
IDES stores each user’s public key and related digital certificate. All IDES enrollees (including host country tax authorities) must obtain a proper digital certificate in order to enroll; there is a list of approved Certificate Authorities available on irs.gov.
For host country tax authorities in Model 1 IGA jurisdictions, the IRS will directly notify them to let them know when it is time to enroll. Financial institutions will initiate enrollment online on their own; in order to enroll, the financial institution will need to have registered as a participating financial institution through the IRS FATCA Registration System and have a global intermediary identification number (GIIN) that appears on the IRS FATCA FFI list.
The online address for IDES enrollment can be found here.
IDES runs on all major browsers, including Chrome, Internet Explorer, Safari, and Firefox and will support application-to-application exchanges through the SFTP transmission protocol enabling a wide variety of users to interact with IDES without building additional infrastructure to support transmission.
Further information on IDES can be found here.
The IDES User Guide with instructions for enrolling and using the IDES can be found here. The IRS has posted Frequently Asked Questions about FATCA and IDES on irs.gov and will continue to update the FAQs as questions are received.
In addition, there is a comments link on irs.gov to submit questions specifically on IDES and another for other FATCA-related questions.
by Jim Magary | Jan 19, 2015 | Tax Help
We are composed of Affordable IRS tax lawyers, IRS tax attorneys, certified public accountants, enrolled agents, and former IRS agents. Since 1982.
Our firm has over 206 years of professional tax experience and over 60 years of working directly for the Internal Revenue Service.
We know the system and processes.
Our former IRS agents & managers worked in the local, district, and regional teaching offices of the IRS. We taught tax lawwhile employed at the Internal Revenue Service.
We are tax experts for releases and removal IRS tax levies, defense and representation for IRS tax audits, IRS tax settlement experts, and for those wishing to make payment agreements with the Internal Revenue Service.
You will owe any money to the Internal Revenue Service as a result of IRS back taxes and you wish to settle your tax debt we could review the current offer in compromise program with you.
IRS has a brand-new fresh start initiative that can help you settle your case for pennies on the dollar if you are a qualified candidate for the tax debt settlement program.
You will find us an affordable choice to resolve your IRS matter.
We know every option that is available for tax settlements and immediate releases of IRS levies.
We are the honest, experience, and most trustworthy tax firms.
if you need to speak to an attorney directly because of attorney-client privilege please let us know immediately when contacting our firm. We will let you speak directly to an IRS tax attorney or IRS tax lawyer.
IRS Tax Levy Relief
An IRS tax Levy usually comes in two forms. 668A and 688w.
An IRS bank levy or an IRS wage garnishment levy.
Both are different.
An IRS Bank Levy puts a freeze on your money for 21 days where as IRS wage garnishment levy is an immediate seizure of your paycheck.
You can you use your bank account during that 21 day period.
The day the levy was received by the bank are the only funds that are frozen.
The Internal Revenue Service gives you a 21 day period of time to get your money back and allows the bank to keep the funds until the 21st day.
When the Internal Revenue Service garnishes wages it takes approximately 85% of the wages.
Keep in mind the Internal Revenue Service does not want to seize money that belonging to taxpayers it only does so to get the attention of taxpayers to close their case off the IRS enforcement computer.
Within 24 hours of receiving your current financial statement, and as a general rule we can get your tax levy released and your case settled with the Internal Revenue Service. is important to know that all your documents must be in order.
We will also need to see and get to Internal Revenue Service the last three months of your bank statements and your pay stubs.
You will also need to verify all your monthly expenses.
If you are undergoing an IRS tax audit you can have a former IRS audit manager provide your best possible tax defense and represent your best interest during an IRS tax audit. one of the keys of IRS audit representation is to limit the tax audit.
If you are wishing for an IRS tax settlement it is called an offer in compromise, we will be happy to walk you through the IRS prequalifier tool to see if you’re a suitable candidate before filing any offer in compromise.
We’ll qualify all taxpayers before we file and ask for an IRS tax settlement. About 38% of all taxpayers who apply for a tax debt settlement relief can get it through the offer in compromise.
Those wishing to make payments to the Internal Revenue Service to resolve their debt, we will walk you through the financial statement to make an affordable payment that you can live with.
Many times IRS will stretch the boundaries of payments asking taxpayers to pay much more than they can live with and taxpayers settle because they don’t understand the system.
Keep in mind that all solutions and resolutions with the Internal Revenue Service are result of careful review and analysis of your current financial statement by the Internal Revenue Service.
Therefore it is very important to make sure a true tax professional reviews your current financial statement and responds to IRS with your information.
Call us today for a free initial tax consultation and speak to a true IRS tax expert who can resolve your case.
We are A+ rated by the Better Business Bureau and have been in private practice since 1982.
Please keep in mind we are a full service tax firm that specializes in the filing of back tax returns.
IRS = Affordable Tax Attorneys, Tax Lawyers, Owe Back Taxes, Settle Tax Debt, File Back Tax Returns, Levy, Audits, Representation = Baldwyn, Guntown, Saltillo, Fulton, Mantachie, Iuka, Okolona
by Jim Magary | Jan 19, 2015 | Tax Help
We are Affordable IRS Tax Experts. We have been in practice since 1982, Former IRS. We can fully resolve an IRS problem.
There are different ways to resolve your IRS issue. We know the system!
When you call our office you will speak directly to former IRS agents, managers and tax instructors that have over 60 years of working directly for the Internal Revenue Service in the local, district, and regional tax offices of the IRS.
We can review with you the best possible way to make an IRS payment plan, how to remove an IRS tax levy and to represent you during an IRS tax audit.
For those of you who need to file tax returns whether current or back years, call us today and we will walk you through the process of our learning experiences that total 206 years.
Installment Agreements
Last year the Internal Revenue Service granted close to 6 million IRS payment plans, installment agreements and streamlined payment plans to taxpayers.
Call us today for free initial tax consultation and we will walk you through the process to get you an IRS payment plan, installment agreement or tell you how to make an affordable monthly streamlined payment with the Internal Revenue Service.
We can also talk you about the possible tax solution of settling your tax debt through the offer in compromise program, that is settling your tax debt for pennies on the dollar.
The most common way to back your IRS tax debt is through a Monthly Installment or Payment Plan, you are not alone.
Remove an IRS tax levy.
if you wish to remove an IRS tax levy will need to give IRS a current financial statement on form 433F.
IRS will require that financial statement to be completely documented and verified.
Within 24 hours of receiving your current financial statement as a general rule we can get your bank or wage levy garnishment released.
Need to file back tax returns
you could have a former IRS agent who knows the system prepare your back tax returns with little or few records. We can help audit proof your tax return.
Call us today for any IRS tax issue that you have.
IRS Taxes – Payment Plans, Remove Tax Levy, Audit Representation, File Tax Returns + Affordable Local Experts = Baldwyn, Guntown, Saltillo, Fulton, Mantachie, Iuka, Okolona
